- XRP has lost over 2%, with its price trading at $3.09.
- The Ripple vs. SEC case could conclude within a week.
While the broader crypto market hangs on in bear territory, expectations for an upcoming rally are growing. Ripple’s XRP has followed suit, as speculation swirls about the impending end of the Ripple vs. SEC legal battle.
The former Ripple director, Sean McBride, speculates that the ongoing Ripple-SEC case will either be dismissed or settled within a week. Notably, XRP is at a critical crossroads, either to break out or possibly mark the end of its recent rally.
The asset has chosen to trade on the downside, losing over 2.64%. XRP visited its daily high of $3.27 and plummeted toward a low of $3.07. At the time of writing, XRP traded at $3.09.
Furthermore, a $9.65 million liquidation of XRP was observed within the market during this timeframe, with its daily trading volume resting at $8.61 billion.
Will XRP Reclaim Its ATH?
XRP’s price movement exhibited a downside correction. The asset might lose its crucial support and bring in a retest at the $3.03 range. A break below $2.97 would nullify the gains and push toward a steep bearish zone, with further downside potential.
If the asset’s negative trend reverses, the price could immediately climb to $3.14. A breakout over this level would signal a potent upside correction and XRP might leg up toward $3.20 and above in the emerged bullish phase.
A technical outlook on XRP in a four-hour window exposes the Moving Average Convergence Divergence (MACD) line beneath the signal line. This bearish crossover indicates the selling pressure within the market, which might lead to continuing the downtrend.
Additionally, the Chaikin Money Flow (CMF) indicator value of 0.06 suggests a moderate buying pressure, that the buyers are dominating the market. In the meantime, the asset’s daily trading volume has increased by over 15.31%.
The 24-hour frame of XRP displays the short-term 9-day moving average above the long-term 21-day moving average. Besides, the altcoin’s daily relative strength index (RSI) is positioned at 46.75, in the neutral zone.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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